In game theory, there is a puzzle called The Byzantine General’s Problem. The scenario is simple: a military general has developed a strategy for an attack. But he is pretty certain that there are traitors in the midst of his rank and file. He does not know who to trust. So, how does he can get the plans disseminated to his troops without them being sabotaged by the traitors? Who can he trust and how can he figure out who to trust?
Trust is a big issue. That is why we have lawyers, use banks, and get our documents and contracts witnessed and notarized. But what if there was a way to eliminate the trust issues with a technology that is virtually infallible? This is the potential of blockchain technology applications for any sector that has traditionally relied upon some authority who can be trusted – the financial industry or the insurance market, for example.
Hats off to His Cryptomajesty Blockchain!
To many businesses’ joy, the concept of a solution providing secure capital access, real-time automation and potential investor influx get more and more popular.
Some specialists say that we are in the midst of a new gold rush related to blockchain technology.
These days the whole mess of firms and agencies choose new technologies to make it in a global digital world.
In other words, try your best to answer the following question: What would I profit by that?
Making decisions needs a sort of motivation.
Well, you will find the answer as you read along.
In fact, Satoshi Nakomoto himself did not intend to create virtual money.
This is an internet-based exchange medium where the transaction takes place on the blockchain ledger.
To be even more precise, it is immune to the old ways of government’s control and interference.
Yes, the primary function of the nodes is to verify the transaction and make sure that the money is not spent twice.
Hence all the nodes now know which bitcoin was spent and which still remains unused.
We can find these transactions in any blockchain browser and are available to everyone in public ledger.
This was the only known transaction performed by Satoshi Nakamoto.
French currency and Bitcoin transaction
A citizen of Finland, Martti Malmi was also known as Sirius who was a software developer, sold 5050 BTC for $5.02 to New Liberty Standard.
The first ever real-world bitcoin transaction
Software architect from Florida, Laszlo Hanecz is welkown for his historic bitcoin transaction.
All the apps and sites about financial transactions have become fully secure due to this technology.Due to the huge potential of the blockchain, tech-experts are finding ways to incorporate it with other techniques and in different sectors like IoT.The IoT helps the devices to drive data to the ledgers of blockchain for adding in the shared transactions with modification-proof records.
With the help of IoT, the network users can verify their transactions.
Every participant is responsible for their own transactions and hence no disputes can arise due to any interference.Virtual trading and tracking any valuable thing without a specific control point can help in creating a cost-efficient business network and this is possible due to the distributed ledger technology.Blockchain and IoT work perfectly together and they have blended well over the time.
IoT works on a unified model i.e., a client model in terms of business.
Moreover, blockchain is famous and used in almost all businesses for meeting the requirements and establishing a better infrastructure.
How Blockchain and IoT Function Together?Now, you know that a decentralized system of blockchain can store limitless records of every financial transaction.
